Ellie Mae, a provider of innovative on-demand software solutions and services for the residential mortgage industry, announced a major new release of its Encompass mortgage management solution. The new release includes more than 300 enhancements designed to promote compliance, loan quality and efficiency.
The major enhancements to Encompass include:
Compliance Support for New Regulations
Encompass now supports tests and eligibility determinations for the recently changed Veterans Administration Qualified Mortgage (VA QM) rule. In addition, the borrower’s electronic loan folder will tie borrower data and documents to their QM eligibility.
The Ellie Mae Total Quality Loan (TQL) program now offers expanded support for ATR/QM with auto-population of verifications in a tracking tool, and output delivery of ATR/QM compliance proof to investors for audit purposes.
Encompass now is equipped to meet Uniform Loan Delivery Dataset (ULDD) Phase 2 requirements for the GSEs, which took effect on loans delivered on or after Aug. 25.
Document Management Capabilities
Encompass has been enhanced to improve efficiency and reduce processing time by automatically recognizing, identifying and classifying borrower documents. Encompass can be trained to automatically recognize key documents and their content, such as paystubs and bank statements, and organize them within the borrower’s electronic loan file.
The ability to view, edit and track multiple documents from one location also has been added to Encompass, allowing users to easily perform processing and underwriting tasks within the electronic loan folder.
All key internal Encompass users for each loan now can be automatically notified when disclosures and document requests are sent to the borrower. This helps improve internal communication and collaboration while saving unnecessary follow-up time.
Enhanced Channel Management
Encompass now allows lenders to consistently manage all channels: retail, wholesale and correspondent. The management of third-party origination (TPO) companies and their branches, such as brokers and correspondents, now are centralized in the same location in Encompass as their retail business.
Detailed contact information, licensing data, loan originator compensation assignments and loan criteria now are collected for all TPOs, helping improve management and tracking. Encompass’ new management capabilities allow for the assignment or re-assignment of TPOs and contacts to internal employees. The new management capabilities also increase visibility into the assigned-loan pipeline and corresponding dashboards and reports. Encompass administrators can now easily view and control user access across all channels.
New Product and Pricing and Secondary Marketing Capabilities
Through Encompass Product and Pricing Service, Encompass now has a new “no-cost” closing option, allowing lenders to price loans that replace traditional closing costs with a single fee that’s based on the loan amount. Additional enhancements to Encompass Product and Pricing Service include detailed ineligibility information to provide added visibility, and the ability to offer more appropriate loan products. Configuration options for determining the Starting Adjustment Rate for QM loans also has been added.
Support for creating mortgage-backed securities (MBS) pools for greater ULDD export efficiencies has been added to Encompass, as well as the ability to assign loans to trades and MBS pools from an external file import.
“Ellie Mae’s new Encompass mortgage management solution release is designed to help clients expand and manage new channels more effectively, keep pace with evolving compliance regulations and take time and cost out of origination, sales and delivery processes,” Ellie Mae President and Chief Operating Officer Jonathan Corr said. “These enhancements, combined with our recently released Encompass Consumer Direct self-service, lead-generation solution, make Encompass a great solution for lenders looking for compliance, quality and efficiency.”